Want To Be Rich? Don’t Start A Business.

Summary

The speaker debunks the myth of becoming a multimillionaire right after school and emphasizes the importance of hard work. They share their journey to wealth through starting businesses, highlighting the need to identify natural talents, dedicating oneself to a job to learn valuable skills, nurturing contacts and image, identifying improvements in the workplace, testing business ideas through side hustles, and finally launching a business. The script serves as a guide for aspiring entrepreneurs, urging them to build necessary skillsets and take calculated risks.

Takeaways

• 🚀 Start by identifying your natural talents and focus on them to build a successful career.
• 💼 Dedicate yourself to your job to learn valuable skills and gain experience.
• 🤝 Nurture your contacts and image, as they play a crucial role in personal and professional growth.
• 🔍 Identify areas of improvement in your current job to understand business challenges.
• 🛠️ Test your solutions with a side hustle to validate your business ideas before fully committing.
• 📈 Focus on the 20% of your efforts that yield 80% of the results for optimal efficiency.
• 🚀 Don't be afraid to take calculated risks and stand out in a world full of distractions.
• 📝 Write down and analyze the good and bad aspects of your work to gain insights for future business ventures.
• 🌟 Be genuinely interested in others to build strong business and personal relationships.
• 🎯 Launch your business after thorough preparation and testing to increase your chances of success.

Q & A

What is the main narrative the speaker criticizes at the beginning of the transcript?

The speaker criticizes the narrative that one can become a multimillionaire and achieve their dream life by starting a business right after leaving school, which they argue is not only false but also impossible.

What does the speaker suggest as a more effective way to get rich without hard work?

The speaker sarcastically suggests buying a lottery ticket and crossing one's fingers, implying that it's more likely to work than the unrealistic business narrative.

What is the first step the speaker recommends for someone who wants to become rich?

The first step is to find one's natural talents, as the speaker believes it's more practical than following a passion that may not lead to financial success.

Why does the speaker dislike the saying 'Follow your passion'?

The speaker dislikes the saying because it may lead people to pursue dreams that don't have the potential to make money, or worse, when they don't even have a clear passion.

What personal experience does the speaker share to illustrate the importance of addressing financial issues first?

The speaker shares their dream of becoming an RAF fighter pilot, which was abandoned due to needing glasses. They chose to focus on fixing their financial situation first before pursuing this passion later in life.

What is the second step the speaker advises for success?

The second step is to dedicate everything to a job, emphasizing the importance of not doing the bare minimum and learning from every work experience.

How does the speaker suggest nurturing contacts and image?

The speaker suggests that one should present themselves well both in-person and online, as first impressions are crucial, and being genuinely interested in others can help in business and friendships.

What is the purpose of identifying improvements and writing them down in step four?

The purpose is to recognize problems within a business and understand how they are solved, which can later be used to improve or start one's own business.

Why is testing fixes with a side hustle important according to the speaker?

Testing fixes with a side hustle allows one to take calculated risks, validate business ideas, and gain insights without committing extensive resources upfront.

What should one consider before launching a full-scale business, as per the speaker's advice?

One should analyze the results of their side hustle, identify the top 20% of what works best, and consider how to scale that up to reach a larger audience and deliver more value.

Outlines

00:00

🚀 Starting a Business After School: Myth vs Reality

The speaker debunks the myth of becoming a multimillionaire immediately after leaving school, emphasizing the importance of hard work and realistic expectations. They share their own journey, highlighting the value of identifying natural talents and focusing on them to build a successful career. The speaker advises against the 'follow your passion' mantra, suggesting instead to focus on skills that can generate income. They also stress the importance of learning from various jobs and experiences to build a strong foundation for future success.

05:01

🌟 Making an Impact and Building Your Image

The speaker discusses the importance of making a memorable impression and building a positive image, both in person and online. They share a personal story of how they stood out in a helicopter competition by creating a unique fireworks display, which led to significant recognition. The speaker encourages taking risks and being genuinely interested in others to succeed in business and personal relationships. They also emphasize the need to identify areas for improvement in one's current job and to test potential business ideas through side hustles before fully committing to them.

10:04

🚀 Launching Your Business: The Final Step

The speaker concludes with the final step of launching a business, advising that those who have followed the previous steps have a higher chance of success. They stress the importance of delivering value to a large audience and scaling up the most successful aspects of a side hustle. The speaker also suggests identifying the top 20% of what works best in a business and focusing on that to achieve greater success. They end with an invitation to watch another video for side hustle ideas and encourage viewers to subscribe for more wealth growth content.

Keywords

💡Multimillionaire

A person whose wealth is in the millions, especially in terms of dollars. In the video, the speaker refutes the common narrative of becoming a multimillionaire right after school, emphasizing the reality of hard work and gradual success.

💡Narrative

A story or account of events or experiences, often shaped by a particular point of view. The video discusses the widespread narrative of quick wealth accumulation, which the speaker argues is misleading and unrealistic.

💡Hard Work

The application of effort and determination to achieve a goal or task. The speaker highlights the importance of hard work in building wealth, contrasting it with the illusion of easy success often portrayed on the internet.

💡Skillsets

A collection of abilities or skills that are relevant to a particular field or activity. The video emphasizes the need to build and improve skillsets as a foundation for success in business and wealth accumulation.

💡Passion

A strong and barely controllable emotion; in this context, it refers to a strong interest or enthusiasm for a particular activity. The speaker criticizes the advice to 'follow your passion,' suggesting instead that one should identify and capitalize on their natural talents.

💡Side Hustle

A secondary, part-time job or activity that one does to earn extra money. The video mentions side hustles as a way to test business ideas and gain experience without taking on too much risk.

💡Mentor

A person who guides or teaches another, especially one with more experience in a particular field. The speaker suggests that learning from mentors or consultants can be beneficial, but emphasizes the value of gaining knowledge while being paid, as opposed to paying for advice.

💡Minimal Viable Product (MVP)

A product with just enough features to satisfy early customers and provide feedback for future product development. The video uses the concept of MVP to illustrate the importance of testing business ideas and iterating based on user feedback.

💡Risk

The possibility of loss or harm. In the context of the video, risk is associated with starting a business, and the speaker advises ways to mitigate this risk, such as through side hustles and testing ideas before fully committing.

💡Value

The importance, worth, or usefulness of something. The speaker mentions that the biggest billionaires have achieved their status by delivering value to a large number of people through their businesses, underscoring the importance of creating something of worth.

💡20/80 Rule (Pareto Principle)

A principle that states that roughly 80% of the effects come from 20% of the causes. The video uses this principle to illustrate that a small percentage of efforts often produce the majority of results, both in business and other aspects of life.

Highlights

The narrative of becoming a multimillionaire soon after leaving school is false and unattainable.

Many people are drawn to the idea of easy wealth due to its prevalence on the internet.

Real wealth creation requires hard work, not just following a 'Top 10 side hustle video'.

The speaker made millions from successful businesses but not without a process.

Identifying and leveraging natural talents is crucial for success.

The saying 'Follow your passion' may not be practical if it doesn't lead to financial stability.

The speaker's passion for becoming an RAF fighter pilot was abandoned due to a practical limitation.

Fixing financial issues should come before pursuing passions to avoid long-term problems.

Ray Dalio's advice to 'Find your game' is emphasized as important for success.

The speaker discovered a natural talent for dealing with people and sales due to strong social skills.

Dedicating everything to a job, even if it's not ideal, is crucial for learning and success.

The importance of understanding the reasons behind the way things are in a job to learn and improve.

Nurturing contacts and image is essential for making connections and standing out.

The speaker's unique approach to making an impact at the Helicopter World Championships.

Identifying improvements in a business and writing them down for future reference.

Testing business ideas with a side hustle to minimize risk and validate product viability.

The concept of the minimal viable product (MVP) and its application in startups.

Launching a business after analyzing the results of a side hustle and focusing on the most effective 20%.

Transcripts

- As soon as I left school, I started my first business,

which made me a multimillionaire

and gave me the life I'd always dreamed of.

This statement isn't just false.

It's pretty much impossible.

The trouble is many people that want to get rich are buying

into this narrative as it's so widespread on the internet.

Why? Because it sounds so much easier than the reality.

If you wanna get rich but don't wanna put in the hard work,

then I'd recommend buying a lottery ticket

and crossing your fingers

as it'll probably be more effective.

Don't get me wrong,

I did make my millions from starting successful businesses.

However,

I didn't just jump straight into a business idea

after watching a "Top 10 side hustle video."

So when I say you have little to no chance

of starting a successful business straight out of school,

I'm not trying to crush your dreams, quite the opposite.

I want you to save your valuable time

and start building the skillsets you need to succeed.

So if you wanna become rich,

then listen up because if I was in your position,

I'd follow these six steps.

Step one, find your natural talents.

I hate the saying, "Follow your passion."

What if your passion

doesn't have the ability to make you money?

Or even worse, you just don't have one?

It feels like one of those overuse self-help sayings

that doesn't actually have any real substance around it.

Maybe people are drawn to advice like this

as the general population seem obsessed with the idea

of living a good, balanced, and happy life.

This, of course, is an admirable goal.

However,

a starving artist struggles to make money

and they rarely have any of these things.

My passion was to become an RAF fighter pilot,

but as soon as I found out I needed glasses,

that dream went out the window.

I could've continued down that path

and wasted valuable time.

However,

I decided to park that passion for later in life

when I had enough money to complete my pilot's license

and fly planes for fun.

I made this choice as to be truly happy,

I believe you first need to fix the money issue

as never having enough

can lead to so many more problems down the road.

I can tell you this,

the journey to making substantial money isn't an easy one

otherwise everyone will be doing it.

You just have to be very honest

about what you're actually good at.

Ray Dalio, owner of the world's largest hedge fund,

Bridgewater Capital, says that you have to "Find your game,"

and I couldn't agree more.

I remember trying my hand at a lot of different things,

such as door-to-door fish sales,

being a shop assistant, flipping cars,

and teaching people how to fly radio control helicopters.

From this,

I identified I had natural talent for dealing

with people due to my strong social skills.

From then on,

I really leaned into anything that relied

on me speaking face-to-face with customers

as I knew I could make sales

that others could only dream of.

Have a think about the things that you're good at.

And if there's a few common skills that connect them all,

those are your money-makers.

At this stage,

you should only be focusing on these skills

because it's much easier to get ahead

improving on those rather than starting from scratch

with something completely new.

You can use these natural skills to fix your money issues

and then from there start improving in other areas.

Step two, dedicate everything to a job.

I know it's become very trendy to wanna escape the matrix.

It's even got to the point

where people are quietly quitting their jobs.

This means they're doing the bare minimum,

keeping all their energy for their side hustles.

Although I understand the thinking behind this,

doing the bare minimum is something

that should never be celebrated.

That is the type of mindset

that ensures you'll never be successful

because the way you do the small things

is the way you'll do the big things.

When I was working as a carpenter,

I'd have days I just hated,

but I knew a sour attitude wouldn't get me anywhere.

Even a job like this can give you the opportunity

to practice important skills.

I learned woodwork, technical design, quoting,

and customer service.

I always believed in the phrase

"Work to learn, not to earn." (money cha-chings)

When I worked in a factory,

I would always ask questions

and try to figure out how it all worked.

This later came in very handy when I was traveling the world

looking for the perfect place to manufacture

my own products as I knew what I was looking for.

My experience as an assistant in a radio control model shop

helped me learn sales, communication,

and organizational skills that I'd like to train

to my employees in my own shops.

In your current job,

try to understand why things are the way they are

without trying to argue or question your boss.

By looking just a little bit deeper,

you can find there's a reason why

pretty much everything is the way it is.

If it's good, keep note of it.

If it's bad, also keep note of it.

I'll explain why later.

Step three, nurture your contacts and your image.

These two really go hand-in-hand

because if you don't have a good image,

then the people you want to connect with

won't wanna be your friends.

It's harsh but true.

We often make a quick assumption

about a person right or wrong after meeting them just once.

Nowadays, due to social media,

you don't even have to meet someone

to have an opinion on them.

So how you present yourself in-person

and online is very important.

I mean, think about some of your favorite YouTubers.

They all have something that makes them stand out.

For me, it's me old age and of course my wisdom.

Take your strengths from step one,

and try to find a way to show them off

when you meet a new person,

and leave an imprint in their mind.

After failing to qualify

for the Helicopter World Championships in Austria in 1993

and being absolutely devastated,

I devised a plan to make sure that I made an impact.

I noticed a loophole

that would allow me to attend as the team coach.

Once I secured my place,

I loaded my model helicopter with a secret weapon.

And after the final competition, I executed my plan.

I flew the first ever model helicopter firework display.

Everyone was in awe.

The helicopter flipped, and soared through the sky,

followed by a glitter in trail of sparks and explosions.

I was featured in many newspapers

and TV shows, (audience applauding)

leading to me making a bigger impact

than any of the competition winners.

I was even asked to sign multiple autographs.

That was before selfies were even a thing.

Two years later,

I qualify for the World Championships in Japan.

And everyone already knew my name

from that breathtaking in night.

So you've gotta be straight with yourself.

The world out there is too hard for you to be soft.

I think a better way of being great is to go out there

and practice the things that will make you great.

Rather than telling yourself

over and over in the mirror "I'm great,"

I'd say having proof is much better.

You don't have to be great at everything,

but the reason most men are so invisible nowadays

is that they're too afraid to take risk

for fear of standing out.

And in this era of distraction,

social media, and quiet-quitting,

it's easier than ever to stand out by excelling,

but it's also important not to be too self-absorbed.

Most people are more interested in themselves

than other people.

Becoming genuinely interested in others

can take you a long way in business and friendships,

even though it may seem like a waste of time.

Step four, identify improvements and write them down.

Remember how I said to write down the stuff that was good

and not so good about whatever business you're working in?

Well, here's the thing.

A lot of people who go into business do so

because the last boss they work for was a complete idiot.

At least that's kind of what happened to me.

Businesses are all about solving problems,

but the funny thing is businesses

have tons of their own problems.

Whenever an issue comes up

and your boss has to hire some outside help,

keep a note of what the problem was and how it was solved.

I saw all the problems

in the radio control model shop I was working in,

such as not meeting customer demand with certain products,

a poor location, and inexperienced staff.

I later used this information to start a chain

of model shops that absolutely dominated the market.

This is the same idea behind hiring a mentor

or paying for consultants.

However,

this way you are actually getting paid

while gaining the knowledge.

Step five, test your fixes with a side hustle.

Starting a business is scary.

It often means taking risk, and putting in lots of time,

and money up front without any guaranteed returns.

That's why it's so important to start with a side hustle.

Before starting my own range of radio control models,

I made sure to stock everything in my shops

to get a real handle on what actually sold and why.

One of my friends actually went one step further.

He wanted to start an e-commerce store,

but couldn't afford to take any risks

as he had very limited money.

His biggest fear was being left with inventory

that he just couldn't sell.

Then he had a brilliant idea.

What if he tried to sell a product he didn't have?

He first tested this out

with resistance training bands from China.

But instead of buying them and having them shipped over,

he just listed them for sale.

When the orders came in, (messages dinging)

it gave him proof that the product was sellable.

So he refunded all the orders

and decided to buy the product

after he knew he could sell it.

He was able to test so many products using this approach.

One of the most important parts

of the testing process is measurement.

What gets measured gets managed.

That's the reason why elite athletes

always measure their stats.

There's this idea now

in startups called the minimal viable product or MVP.

The term was coined by the CEO of a gaming business.

Basically, they had the rough idea for the game,

but left the details on the path of development

largely up to the feedback of the users.

What was once a very scrappy

and buggy game ended up becoming pretty amazing

by just listening to the feedback

and making constant improvements.

Testing your idea could be as simple as just asking users

what they think of it in a Discord or a subreddit.

It's worth remembering, though,

the opinions of those that matter most

are the ones that buy your product.

And you won't know who those people are

until you start selling on a small scale.

Often you'll find that 80% of your results

are due to 20% of your side hustle.

This rule applies to many more things,

such as 80% of traffic accidents

are caused by 20% of drivers,

80% of wealth is controlled by 20% of the population,

80% of a company's productivity

is due to 20% of its employees,

and there are many more examples.

Step six, launch your business.

Now, before you start saying,

"I clickbaited you with the title," hear me out.

If you have followed all the steps

I've talked about in this video so far,

then your chances of succeeding

as an entrepreneur are dramatically improved.

I see way too many people starting a business

with absolutely zero skills that set them apart,

which means they're just going to fail

and become disheartened.

It's undeniable that the biggest billionaires out there

didn't get that way by just having a side hustle.

They did it by delivering value

to a huge number of people through a business.

So when you're analyzing the results of your side hustle,

try to see if you can identify

the best parts of what you're doing, the top 20%.

Then ask yourself

how can you do more of it on a larger scale

and reach more people?

If you'd like to be inspired with some side hustle ideas,

then you can watch this next video here,

but don't click on it just yet.

Make sure to subscribe if you wanna grow your wealth, okay?

(tongue clicks) I'll see you over there.